Trump's order to block the Hormuz Strait pushes global crude prices up nearly 10%. As trading opened on April 13, Brent and WTI both topped $100 a barrel, with Brent at $103 and WTI at $105. U.S. officials said the strait would be fully open to all vessels at some point. CENTCOM also announced it would block all entry to Iranian ports from the morning of April 13. Oil shipments through Hormuz had plunged after fighting escalated in late February, causing the largest oil-supply disruption on record. Before the conflict, about 20% of global oil and LNG supplies passed through this waterway. According to data provider LSEG, three supertankers passed through the strait on April 11, each carrying up to 2 million barrels of oil. That figure is far below the level seen before the conflict, when more than 100 ships per day traversed the route. In the
gold market, spot gold fell sharply at the open, down $91 to $4,656 per ounce. Prices declined amid new developments in the Middle East conflict and rising inflation risks, which have made global central banks hesitant to cut rates. Gold has fallen about 10% since the onset of the conflict.
